US crude jumps to more than 6-week closing high of $49.89, as demand-driven rally continues2017-09-15

Oil prices rose on Thursday, a day after the International Energy Agency forecast the market would continue to tighten as fuel demand increased.

U.S. West Texas Intermdediate crude hit a nearly four-month high at $50.50 a barrel. The contract ended Thursday's trade up 59 cents, or 1.2 percent, at $49.89. WTI popped above its 200-day moving average level on an intraday basis for the first time since Aug. 10.

Benchmark Brent crude topped out at $55.99, the highest level since in five months. It was up 46 cents at $55.62 a barrel by 1:57 p.m. The contract remained in technically overbought territory for a second day in a row.

Brent has now climbed by more than $10 a barrel over the past three months and is close to where it was at the beginning of the year.

--News from www.cnbc.com

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